Pine Labs IPO to Open on November 7, Check Price Band, Lot Size, and More

Digital payments and issuing solutions provider, Pine Labs, is gearing up for a ₹3,899.91 crore initial public offering (IPO). The company has filed its red herring prospectus (RHP) on October 31, 2025. 

The IPO will open for public subscription on November 7, 2025, and close on November 11, 2025.

IPO Details

• Issue Structure: As per the RHP, the IPO is a book-building issue of ₹3,899.9 crore, consisting of a fresh issue of ₹2,080 crore and an offer for sale (OFS) of ₹1,819.91 crore worth of shares from investor selling shareholders.
   
• Price Band: The price band is set between ₹210 and ₹221 per share.
   
• Lot Size (for retail investors): 67 shares per lot
  
  
• Minimum Investment (for retail investors): ₹14,807 per lot
  
  
• Allotment & Listing: The basis of allotment will be finalised by November 12, 2025, and tentative listing on BSE and NSE is November 14, 2025.
   
• Book-running Lead Managers: Axis Capital Limited, Morgan Stanley India Company Private Limited, Citigroup Global Markets India Private Limited, J.P. Morgan India Private Limited, and Jefferies India Private Limited are the book-running lead managers for the IPO.
   
• Registrar: KFin Technologies Limited
   
• Use of Proceeds: The net proceeds from the fresh issue will be used towards the following objectives:
• Repay/prepay outstanding debt 
• Investment in Subsidiaries, Qwikcilver Singapore, Pine Payment Solutions, Malaysia and Pine Labs UAE for expanding presence outside India 
• Invest in IT assets, procurement of digital check-out points (“DCP”) and technology development initiatives
• Fund capital expenditure towards cloud infrastructure
• General corporate purposes 
• Unidentified inorganic acquisitions

About the Company 

Pine Labs is a merchant commerce platform that powers digital payments, issuing solutions, and financial technology infrastructure for merchants, brands, enterprises, and financial institutions. Their Digital Infrastructure and Transaction Platform supports both in-store and online commerce. 

In FY 2025, the company processed ₹11,424.97 billion in gross transaction value across 5.68 billion transactions.

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